What are regulations on accounting books applied to the off-budget State Financial Fund in Vietnam?

What are regulations on accounting books applied to the off-budget State Financial Fund in Vietnam?

Pursuant to Article 5 of Circular 90/2021/TT-BTC stipulating the accounting books as follows:

1. The Fund opens accounting books to record, systemize and store all arising economic and financial operations related to the Fund. The Fund must comply with the provisions of the Accounting Law 2015 and relevant documents on accounting books.

2. The Fund is entitled to actively design and develop accounting systems and forms suitable to the operational characteristics and management requirements of the Fund, but must meet the provisions of the Accounting Law 2015 and ensure its presentation. Information is complete, clear, easy to check and control.

What are financial reporting regulations applied to the off-budget State Financial Fund in Vietnam?

Pursuant to Article 6 of Circular 90/2021/TT-BTC stipulating financial reporting as follows:

1. Entities preparing financial statements

Funds subject to this Circular must close accounting books and prepare financial reports to send to competent agencies and relevant units according to regulations.

2. Principles, requirements for the preparation and presentation of financial statements

a. Principles of preparation and presentation of financial statements

- The preparation of financial statements must be based on accounting data after closing accounting books. Financial reports must be prepared with the correct content and method according to regulations and presented consistently between accounting periods. In case the financial statements are presented differently between accounting periods, the reason must be clearly explained.

- Financial statements must be signed by the preparer, chief accountant and legal representative of the Fund. The person who signs the financial report is responsible for the content of the report.

b. Requirements for preparing and presenting financial reports

- Financial statements must reflect honestly and objectively the contents and values ​​of the reported indicators; presented in a structured, systematic way the financial position, results of operations and cash flows from operations of the Fund.

- Financial statements must be prepared in a timely manner, within the stipulated time, presented clearly, easily and accurately, accounting information and data.

- Reported information and data must be reflected continuously. The data of this period must be followed by the data of the previous period.

3. Financial reporting period

- Annual financial statement period: The Fund must prepare financial statements at the end of the annual accounting period according to the provisions of the 2015 Accounting Law.

- Interim financial statement period: In case the financial mechanism or relevant law stipulates the preparation of additional financial statements according to the interim accounting period, in addition to the annual financial report, the Fund must also prepare a report. mid-year financials.

4. List, forms and methods of preparing financial statements are specified in Appendix No. 02 attached to this Circular.

5. Method of sending and receiving financial reports

Financial reports are presented in the form of paper documents or electronic documents depending on actual conditions and requirements of the reporting agency.

6. Receiving agency and deadline for submitting financial reports

a. The agency receives financial reports

The Fund submits financial reports to competent authorities according to regulations.

b. Deadline for submission of financial statements

Annual financial reports of the Funds must be submitted within 90 days from the end of the annual accounting period. In case the Fund must prepare financial statements according to another accounting period, the time limit for submitting financial statements shall comply with the provisions of the financial mechanism and relevant laws.

Best regards!